Drew Increases Stock Buy-back Offer

Drew announced after the stock market closed Wednesday that it is willing to buy up to 1.3 million of its own shares. Earlier, Drew said it would buy-back 500,000 of its own shares.

The buy-back would be accomplished through a “self-tender offer” in which Drew is offering to pay $8 a share. Drew stock closed at $7 a share on Wednesday.

Wednesday at 5 p.m. Eastern Time was the original deadline for Drew shareholders to decide whether to sell their stock back to the company at $8 a share. As of Tuesday, 1.12 million shares had been offered for repurchase by the company.

Drew shareholders now have until 5 p.m. on June 13 to decide whether to sell their stock back to the company at $8 a share.

If more than 1.3 million shares are tendered, then Drew will buy the shares on a pro rata basis.